Muristek
New Delhi, April 22
A majority of secured creditors of Future Retail Ltd (FRL) have rejected the Rs 24,713-crore deal between the Kishore Biyani-led retail major and billionaire Mukesh Ambani's Reliance Retail, according to a regulatory filing.
70% lenders vote against resolution
While more than 75% of shareholders and unsecured creditors supported the deal, Future Retail (FRL) did not get the requisite 75% favourable voting from secured creditorsA majority of 69.29% of secured creditors of FRL voted against the resolution while 30.71% voted in favour of it, FRL said in a regulatory filingAnother group firm Future Lifestyle Fashion Ltd said a majority of its secured creditors have voted against the dealWhile more than 75% of shareholders and unsecured creditors supported the deal, FRL did not get the requisite 75% favourable voting from secured creditors.
A majority of 69.29% of secured creditors of FRL voted against the resolution while 30.71% voted in favour of it, FRL said in a regulatory filing. While 85.94% of shareholders have voted in favour of the deal with Reliance, 14.06% of shareholders opposed it.
The company managed to get the requisite approval of 75% from unsecured creditors with 78.22% of them supporting the deal while 21.78% voting against the resolution.
Secured creditors are granted security from a company through either a legal fixed or floating charge over the business' assets and get preference over unsecured creditors in payment of dues by a company.
Another group firm Future Lifestyle Fashion Ltd said a majority of its secured creditors have voted against the deal. FLFL's 82.75% secured creditors voted against the deal while 17.25% supported it. Similarly, 81.91% of shareholders supported the deal and 18.09% opposed it.
Several listed Future Group firms had called meetings of their shareholders, secured and unsecured creditors this week to get the approval of the scheme of amalgamation and sale of assets as per the deal announced with Reliance Retail. —